Nashville Home Sales for August Stay Strong & Steady

Cumberland River Sunset

August home sales in Nashville this year still trumped 2014!  According to the Greater Nashville Association of REALTORS there were 3,770 closings in the month of August.  This is a 16.7 percent increase over the 3,226 closings for the August of 2014.  At the end of August this year there were 3,647 sales pending compared to 3,062 pending at the end of August last year.  The average number of days on the market for a single-family home was even shorter than earlier this year at 55 days. Year to date there were 24,808 closings in August of 2015 compared with 21,820 for the same month last year. A comparison of sales by category for August is:

 August 2014  August 2015
Total Closings  3,226 3,770
Residential  2,676  3,173
Condominium  363  410
Multi-Family 35  34
Farm/Land/Lots 152  153

“For the fourth consecutive month and the seventh time this year, our region has seen a double-digit increase in area home sales,” said GNAR President Cindy Stanton. “Year-to-date we have already had more closings than 2008, 2009, 2010 and 2011 saw in their respective full years. We are on pace to finish 2015 with the type of annual sales we experienced a decade ago.” At the end of August inventory was 13,511 down from 15,477 in August 2014.  The current inventory of properties by category compared to last year is:

August 2014  August 2015
Inventory 15,477  13,511
Residential  10,106  8,904
Condominium  1,045  988
Multi-Family  150  124
Farm/Land/Lots  4,176  3,495

“The median price for residential homes increased over last year while remaining virtually flat compared to last month,” stated Stanton. “Condominium prices have also remained nearly unchanged compared to this time last year and last month. This stabilization of prices is a healthy indicator for our market.” The market is still right for selling your home or investing in a new one.  If you have any questions call me! 615-500-2748 or bt@avenuerealestate.com